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Province launches low interest home equity loans for seniors

Application forms are now available online for senior homeowners who are looking to repair or modify their homes under a new program launched by the province.

They can do so under the Seniors Home Adaptation and Repair Program, which provides a low-interest, home-equity loan to eligible senior homeowners. The program is designed to help homeowners finance needed repairs or adaptations that will help them age in place.

In a release the province said seniors can use the loan for things like widening a hallway to provide better accessibility, installing a walk-in tub or for a wide variety of adaptations or repairs.

“This program will allow seniors to age in community where they want to be, with their loved ones. I am pleased to say that we already have a waiting list for our new program and we expect many of these projects to be underway soon,” said Lori Sigurdson, Minister of Seniors and Housing.

“Seniors United Now believes that this program will help more seniors remain in their homes for a longer period of time. Seniors remaining in their communities for as long as possible is a positive result for seniors, their families and for Alberta communities,” said Gordon Voth, President, Seniors United Now.

Seniors will be eligible for a maximum loan of $40,000 if their annual household income is under $75,000.

Seniors must also have a minimum 25 per cent equity in their homes.

Low-income seniors who do not qualify under the loan program may still be eligible for a grant to help pay for essential home repairs.